Title
Agency hazards and alliance portfolios
Abbreviated Journal Title
Strateg. Manage. J.
Keywords
joint ventures; strategic alliances; agency theory; ownership structure; INTERNATIONAL JOINT VENTURES; OWNERSHIP STRUCTURE; STRATEGIC ALLIANCES; EQUITY OWNERSHIP; UNITED-STATES; RISK-TAKING; CORPORATE DIVERSIFICATION; HERD BEHAVIOR; PERFORMANCE; MARKET; Business; Management
Abstract
Prior research over several decades has catalogued many positive motives underlying firms' decisions to engage in joint ventures and other forms of alliances. in this empirical analysis, we investigate whether agency problems brought about by the separation of ownership and control also stimulate the development of firms' joint venture portfolios. By focusing on joint ventures, as opposed to diversification in general or acquisitions, we address the recent debate on agency theory's domain. Results from a sample of U.S. manufacturing firms' alliance portfolios offer supporting evidence, and comparable findings are obtained for international and domestic joint ventures. Agency hazards are also found to bring about extensions of firms' nonequity alliance portfolios in both the international and domestic settings. Copyright (c) 2005 John Wiley & Sons, Ltd.
Journal Title
Strategic Management Journal
Volume
27
Issue/Number
1
Publication Date
1-1-2006
Document Type
Article
DOI Link
Language
English
First Page
27
Last Page
43
WOS Identifier
ISSN
0143-2095
Recommended Citation
"Agency hazards and alliance portfolios" (2006). Faculty Bibliography 2000s. 6504.
https://stars.library.ucf.edu/facultybib2000/6504
Comments
Authors: contact us about adding a copy of your work at STARS@ucf.edu